28 May 2008
Economics Update
Oil is up again today, to $131.03/bbl, even though demand is falling, and retail gas prices hit a record for 21st straight day, $3.944/gallon.
I think the only question is whether it will break $4/gal before June.
Paradoxically enough, the dollar strengthened, despite the higher oil prices.
Finally, we're seeing a drop in mortgage applications, because rates are rising.
Rates will go up eventually, and when they do, the housing market will get even more ugly.
I think the only question is whether it will break $4/gal before June.
Paradoxically enough, the dollar strengthened, despite the higher oil prices.
Finally, we're seeing a drop in mortgage applications, because rates are rising.
Rates will go up eventually, and when they do, the housing market will get even more ugly.
Labels:
Economy
,
Energy
,
Finance
,
Real Estate
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